Despite the drama and FUD surrounding these assets, they have managed to bounce back to maintain their strong fundamentals.
We tend to work with longer-term targets for fundamentally strong assets, but many people have asked, "Hey, Cryptonary, but are the price targets for this bull run?"
This update delves into the latest developments in our 90X token and its flagship front-end.
And then, we address your burning questions about the targets for this cycle.
Let's dive in…
TLDR
- Today, we cover our 90X token, highlighting its strong fundamentals and recent bounce despite past challenges.
- Recent updates within the ecosystem have been bullish, and the recent price action confirms this sentiment.
- We are confident that upcoming catalysts like orderbooks, memo-less transactions, and other integrations will drive further upside.
- Our 2024/2025 price targets are exciting and provide guidance on what upside to expect at taking profits during this bull run.
Disclaimer: This is not financial or investment advice. You are responsible for any capital-related decisions you make, and only you are accountable for the results. "One Glance" by Cryptonary sometimes uses the RR trading tool to help you quickly understand our analysis. These are not signals, and they are not financial advice.
A quick trip down memory lane
If you have been in Cryptonary for at least one year, you already know we've been very bullish on THORChain and THORSwap.We were originally very impressed by THORChain and labelled it a 30x token. For some time, it performed extremely well, as we projected.
However, the brutal bear market hit us all, crushing the market so hard that many lost their convictions.
But not Cryptonary. We didn't lose conviction and released an update saying the 30x token is now 90x.
The asset is up by more than 10x since we published that update. Congrats to everyone who held.
THORSwap is a beta trade for THORChain, and it has performed similarly, even though it was a more volatile ride.
Both RUNE and THOR are performing well.
But you don't need us to tell you that.
So, let's look at what has changed fundamentally and what lies ahead for them.
What's new on THORChain and THORSwap?
Streaming Swaps and lending
The first ground-breaking update on THORChain is the launch of Streaming Swaps (SS).Streaming Swaps enables breaking large trades into many small ones, reducing slippage and resulting in competitive prices.
As a result, THORChain currently provides the cheapest quotes for native swaps between BTC and ETH, not only among DEXs but also among some CEXs.
As a result, volumes directed through THORChain have been hitting all-time highs after all-time highs. Streaming Swaps is undoubtedly a game changer.
The second update on revolutionising the THORChain ecosystem is Lending.
Thanks to its unique design, THORChain's lending allows loans without expiration, interest, or liquidation. Quite remarkable, right?
Of course, lending has significant risks (more on it in a separate report), but it essentially made RUNE deflationary.
Overall, over 6 million RUNE has been burnt through lending, and 60 million RUNE have been burnt through ADR12, which has been quite remarkable in price.
Now, let's look at how THORSwap evolved over time
Revenue growth and ChainFlip integration
One of the beneficiaries of THORChain's Streaming Swap (SS) upgrade was THORSwap.The introduction of SS has massively increased volume, and THORSwap takes a cut from the volume generated.
Below, we can see that THORSwap's affiliate fees increased dramatically after July, coinciding with SS's introduction.
Currently, THORSwap is generating $50k in affiliate fees, which is very impressive for an asset with an $80m market cap.
A proposal to introduce affiliate fees for Lending and Savers has also been passed. This will increase revenue numbers even further.
Lastly, THORSwap has integrated Chainflip as an additional provider.
This will hedge THORSwap against the sudden outage of THORChain (we have seen it many times before) and introduce new assets.
The result: a more robust and healthy platform
So, we have covered the main updates for these two assets, but what about price targets?
2024-2025 price targets
When we previously covered THORChain and THORSwap, our price targets were $90 on RUNE and $12 on THOR by 2030.We are stepping back to provide price targets for this bull run.
RUNE
- Conservative: $21 (Previous all-time-high)
- Base case: $53 (roughly $18b market cap)
- Bull case: $90 (Our 2030 price target)
THOR
- Conservative: $1 (approximately $200m mcap)
- Base case: $4 (roughly $800m mcap)
- Bull case: $12 (roughly $2.1b mcap )
Cryptonary's take
We remain bullish on both THORChain and THORSwap.There are many upcoming catalysts both for RUNE and THOR (Orderbooks, memo-less transactions, Solana integration, stablecoin)
We believe the flywheel in RUNE's tokenomics and the volume generated through THORSwap can ensure outstanding price performance for both assets.
Our base cases on THOR and RUNE are our main targets for the 2024/2025 bull cycle.
If we are lucky, we might hit our 2030 targets this cycle.
But we wouldn't wait until $90 for RUNE and $12 for THOR to secure profits.
Enjoy the ride!